Taxpayer Identification Number - TIN

DEFINITION of 'Taxpayer Identification Number - TIN'

A number that is assigned to a tax paying businesses for identification and record keeping purposes. The TIN number allows the IRS to keep track of all taxpaying entities and manage their accounts. Corporations, estates and trusts must file their taxes under this number each year.

BREAKING DOWN 'Taxpayer Identification Number - TIN'

For firms, the TIN number is their Social Security number equivalence. For corporations, this number is their EIN (Employer Identification Number). Estates, trusts and partnerships use EINs as well.

RELATED TERMS
  1. Government Accountability Office ...

    A department of the U.S. government that monitors and audits ...
  2. Employer Identification Number ...

    A unique identification number that is assigned to a business ...
  3. Income Tax

    A tax that governments impose on financial income generated by ...
  4. Corporation

    A legal entity that is separate and distinct from its owners. ...
  5. Finance

    The science that describes the management, creation and study ...
  6. Estate

    A person's estate is everything comprising the net worth of an ...
Related Articles
  1. Taxes

    Free 2016 Tax Preparation! Top Online Services

    A place that fills out and files your taxes free of charge? It's no myth, as long as you have a simple return. Read on to find the top preparers.
  2. Taxes

    Why People Renounce Their U.S Citizenship

    This year, the highest number of Americans ever took the irrevocable step of giving up their citizenship. Here's why.
  3. Taxes

    Taxes: H&R Block Vs. TurboTax Vs. Jackson Hewitt

    There are more and more tax services to help ease the pain of filing income taxes. Here's our take on three of the biggest.
  4. Taxes

    Confused About Estimated Tax Deadlines for 2016?

    If you run a business or have investment income, pay attention to this year's estimated tax deadlines. Here are the details, and what's new for 2016.
  5. Retirement

    Retirement Plan Tax Prep Checklist

    Here's a list of items you need to have in order by tax time, including paying attention to those pesky required minimum distributions.
  6. Economics

    How Powerful Is The IRS?

    Historically, the IRS has wielded formidable power, and that power isn’t likely to diminish anytime soon.
  7. Taxes

    Avoid the Social Security Tax Trap

    Government benefits can cost you big money! Know the income thresholds before you file.
  8. Investing Basics

    Understanding How Oil Companies Pay Taxes

    Read about how big oil corporations pay taxes, and learn about tax exemptions and the option to defer. Discover the argument about big oil being given tax exemptions
  9. Savings

    Explaining Tax Returns

    A tax return is the form or forms used to file income taxes with the IRS.
  10. Taxes

    How Does the Withholding Allowance Work?

    A withholding allowance is an exemption employees claim that reduces the income tax withheld from their paychecks.
RELATED FAQS
  1. When should my tax refund arrive?

    More than 90% of income-tax refunds arrive in less than three weeks, according to the Internal Revenue Service (IRS). However, ... Read Full Answer >>
  2. How do I file taxes for income from foreign sources?

    If you are a U.S. citizen or resident alien, your income (except for amounts exempt under federal law), including that which ... Read Full Answer >>
  3. Are Flexible Spending Account (FSA) items tax deductible?

    Flexible Spending Accounts (FSAs) are employer-sponsored, tax-favored savings plans expressly for the future reimbursement ... Read Full Answer >>
  4. How Long Should I Keep My Tax Records?

    The Internal Revenue Service (IRS) has some hard and fast rules regarding how long taxpayers should keep their tax records. As ... Read Full Answer >>
  5. Do tax brackets include Social Security?

    A portion of your Social Security benefits may be subject to federal taxation using tax brackets. Your tax bracket is determined ... Read Full Answer >>
  6. Do 401k contributions reduce AGI and/or MAGI?

    Traditional 401(k) contributions effectively reduce both adjusted gross income (AGI) and modified adjusted gross income (MAGI). ... Read Full Answer >>
Hot Definitions
  1. Black Swan

    An event or occurrence that deviates beyond what is normally expected of a situation and that would be extremely difficult ...
  2. Inverted Yield Curve

    An interest rate environment in which long-term debt instruments have a lower yield than short-term debt instruments of the ...
  3. Socially Responsible Investment - SRI

    An investment that is considered socially responsible because of the nature of the business the company conducts. Common ...
  4. Presidential Election Cycle (Theory)

    A theory developed by Yale Hirsch that states that U.S. stock markets are weakest in the year following the election of a ...
  5. Super Bowl Indicator

    An indicator based on the belief that a Super Bowl win for a team from the old AFL (AFC division) foretells a decline in ...
Trading Center